Adeyemi College Microfinance bank commence operation June 1

The Managing Director of the Adeyemi College of Education Staff No 1. Microfinance Bank ( ACEMFB), Mr. Niyi Adetola, has dropped hint of plan by the financial outfit, to begin full commercial operations on the first working day in June 2018.

Adetola gave the information while speaking at the 31st Annual General Meeting ( AGM) of the cooperative society held on Wednesday April 18, 2018 in the College.

Assuring members of the society and prospective customers of good treatment and reliability of thenew financial outfit, the ACEMFB Managing Director said: “Our Microfinance bank is going to be with a difference. I want to assure anyone who invest in the bank that your money is secured.  We have engaged the services of first class professionals and entered into agreement with the Nigerian Deposit Insurance Corporation (NDIC) to ensure that all deposits placed in it are secured. In addition, we have also ensured that services which include on- line banking are provided so that our customers can use their phones to transfer money.

“Similarly, we have also put measures in place for our customers to obtain loans through the use of their mobile phones. As a Microfinance bank that comes with a difference, we want to assure our prospective customers that we shall stand by the rule.  We hope to commence skeletal operations by May 2018 but by the grace of God, full commercial operations would begin by the first working day in June, 2018,” he remarked.

Meanwhile, the Provost of the College, Prof. Olukoya Ogen has congratulated members of the ACE Staff No 1 Cooperative Multipurpose Society Limited for holding their 31st AGM.

Prof Ogen represented by Chairman Committee of Deans in the College, Dr. Stephen Akinbani eulogized the founding fathers of the society, and lauded their contributions to its growth and development.

He said:  “We thank God for making today a reality. I want to congratulate the founding fathers and members of this Cooperative society for deeming it fit to keep the flag flying. Today you have a very big, beautiful, modern banking outfit, it is also a thing of joy to see that the society has been experiencing growth and development, I congratulate you all for this feat.”

Underscoring the importance of cooperative society, Prof. Ogen said as an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise, cooperative society has been of immense benefit to humanity.

He, therefore, stressed the need for people to seize the numerous advantages that could be derived by joining cooperative society saying the step would be beneficial to them.

The College administrator also advised members of the cooperative society to cooperate with itsManagement team in order to advance its growth.

Earlier while giving his address of welcome and the 2017 Management report, the President of the Society, Mr. J.A. Olasehinde, spoke on efforts being made by his team to reposition the organisation for improved financial performance in various areas.

He listed the step to include energizing of the society supermarket, cyber café, purchasing of ice cream

machine, bee keeping, carwash and transport services as well as livestock business operation, bulk purchasing initiative, bakery and confectioneries among others.

Olasehinde also spoke on training and re- training of the cooperative society staff as well as the issue pertaining to the establishment of the society’s Microfinance bank.

The ACE staff No 1 CMS limited President lauded the efforts of the Chairman of the Board of Directors of the society’s Microfinance Bank, Dr. Adegboyega Ajayi and members of the association’s building committee which include Engineer A.H Dafiewhare and Messers Akin Akingunsoye, A.O Adebayo and Adetola for a job well done.

He thanked the Provost of the College for having faith in the society and providing enablingenvironment that enable the association’s business to thrive.

His words:  “To the “Provost, Adeyemi College of Education Ondo, Prof. Olukoya Ogen, thanks for believing in us. You had the building of a Microfinance bank as one of your cardinal programme for the College. Thanks for giving us the nod to continue, thanks for being believer in fairplay, equity and justice and thanks for being a team player, we appreciate you and your Management team.” he remarked.

Also in his remarks, the Chairman BOD ACE staff No 1 CMS Microfinance Bank, Dr. Adegboyega Ajayi highlighted the benefits of the bank and urged staff of the institution to partake in its development.

He used the occasion to appreciate the support from the College Management and appeal to them forfulfilment of promise made saying the move would help in enhancing its progress.

While harping on the need for staff of the College to patronised the bank, Dr. Ajayi said:  “We have started a good thing, let us work together to bring it to maturity.”

He assured interested investors of good fortune saying, “I want to assure you that your money is safe. We in the Board of Directors are responsible and matured, I can assure you that you are in a safe hand,”he stated.

In his message, the Ondo State Director of Cooperative Services, Mr. William. B, represented by Mr. Adegalu S.T, lauded the performance of the cooperative society and commended its Management team for the introduction of Pension savings scheme saying the initiative clearly marked the association out as the only cooperative society in any tertiary institution in Ondo State that create such opportunity for its members.

He emphasized the importance of accountability and transparency in business operations and urged members of the society’s  Management team to make it their watchword. He also reiterated the readiness of his organization to continue to identity with the growth and development of the society.

The ceremony which held at the Olusegun Obasanjo Auditorium featured presentation of the 2017 Statement of Account by the Treasurer, Mr. S.A.  Oladejo and six proposals for congressional ratificationby the Society’s President, Mr. J.A Olasehinde..

It climaxed with the launch of Nourish Ice- Cream produced by the Cooperative society by the representative of the Provost, Prof. Olukoya Ogen, Dr. Stephen Akinbani.  The brief ceremony was followed with the presentation of account opening forms to the President of the Cooperative society Mr. J. A Olasehinde by the Chairman BOD of the ACE CMS Microfinance Bank, Dr. Adegboyega Ajayi.

Eminent personalities from all walks of life attended the ceremony, they include supervisory officers from the Ondo Area office of the State Cooperative services, among whom were, Mr. Meroyi Bamidele, Mrs. Daramola. F and Mrs Olarewaju Stella.

Others present were Elders of the ACE No 1 CMS limited, Chairman ACE CMS Limited, Mr Olubolade as well as representatives from COEASU CMS and Muslim Society CMS Limited and members of the ACE Staff No 1 CMS Limited to mention but a few.